San Marino: Tokens As A Bonus To Environmentally Responsible Consumers

San Marino introduced measures to encourage and stimulate environmentally responsible consumers through cryptocurrency (tokens). Environmental responsibility means, in particular, drinking water saving, separate waste collection, reducing hydrocarbon emissions and other activities aimed at maintaining the region's eco-sustainability. The initiative was sponsored by DNV GL, an international certification organization, and VeChain, a technology services provider, introducing a new blockchain application aimed at reducing hydrocarbon emissions through a reward system within the chosen ecosystem. A pilot project will be launched in the Republic of San Marino.

An official press release announced the signing of a letter of intent between the Ministry of Industry, Crafts and Trade, the Ministry of Labor and Cooperation, the Ministry of Telecommunications of the Republic of San Marino, San Marino Innovation Institute and DNV GL Business Assurance Group AS and VeChain Foundation Limited.

The San Marino Low carbon ecosystem project platform aims to “promote eco-friendly consumer behavior to reduce CO2 emissions”. The next step will be a zero waste economy, that is in fact stimulation of water saving, separate collection of household waste by rewarding with a service token issued by the San Marino Innovation Institute, which can be used to pay for services on the territory of the Republic of San Marino.

Thanks to measures aimed at maintaining environmental sustainability and maintaining the ecological balance, each resident will be able to evaluate his contribution to the reduction of CO2 emissions, which will be calculated by a special algorithm, and receive the San Marino Innovation Token as a bonus. The introduction of the low-carbon ecosystem in the Republic of San Marino is the first example at the global level when incentives are carried out through the use of blockchain technology and a service token. 

The material was prepared by Vsevolod Gnetii, a correspondent of Bitnewstoday in Italy